Escape From Wall Street

How Congress put Hong Kong and London in a position to surpass New York as a financial capital.

By

John Fund

Updated Dec. 4, 2006 11:59 p.m. ET

If you want to look for reasons why New York's status as the world's financial center is in serious jeopardy, you need only come here to gaze at this booming city and tour its markets.

Increasingly, Hong Kong and London are the places where companies are finding it easier and cheaper to list their shares and raise capital. Last year, of the 25 largest initial public offerings in the world, only one took place in America. This year,...